FROM THE OFFICE OF PUBLIC AFFAIRS
To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.
To view or print the Microsoft Word content on this page, download the free Microsoft Word Viewer.
May 29, 2003JS-443
Health Care Tax Credit Pilot Program
Today Treasury Secretary John Snow announced that Maine will partner with the federal government in launching the first advance health coverage tax credit pilot program to help cover the cost of health insurance premiums for many Maine residents.
The Trade Adjustment Assistance Act President Bush signed into law last year includes the new Health Coverage Tax Credit (HCTC). This program provides an advanced payment of 65% of the premium cost for a qualified health plan for individuals who are eligible to receive Trade Adjustment Assistance (TAA) benefits or certain individuals who receive pension benefit payments from the Pension Benefit Guaranty Corporation (PBGC). Approximately 2,800 workers and their families in Maine are estimated to qualify for the program.
The Maine pilot program will allow eligible individuals to register immediately for the advance HCTC program, which will otherwise start August 1, 2003 for the rest of the country.
“Maine's pressing needs and can-do spirit make it the logical choice for the first in the nation advance health coverage tax credit pilot program. Today, we will help people in Maine who have been hurting pay for health insurance,” stated Treasury Secretary John Snow. "I know many residents in Maine and across America have been hard hit by the economic downturn that dates back to 2000. Our recovery is not as robust as it needs to be. That's why the President is acting to get the economy going again with his Jobs and Growth plan, and to address the health insurance needs in Maine in this new and innovative way."
Maine residents that are eligible for the pilot program will receive a HCTC notification letter in the mail and an HCTC Program Kit. The Program Kit provides all the necessary information to determine eligibility and the form to register.
The HCTC advance payment program will be available in other states beginning August 1, 2003. For more information on a particular state and the health insurance programs that qualify, please visit the HCTC website at www.irs.gov and enter IRS Keyword: HCTC.
Attached is a copy of the HCTC letter and the HCTC Program Kit that is being sent to the Maine residents that may be eligible for the pilot program.
Related Documents: